| Term | Definition |
| Producers: | The people who make or provide goods and services |
| Marketing: | The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
| Product: | Marketing element referring to what goods, services, or ideas a business will offer its customers |
| Services: | Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
| Nondurable goods: | Tangible items that are consumed within a short time |
| Marketing concept: | A philosophy of conducting business that is based on the belief that all business activities should be aimed toward satisfying customer wants and needs while achieving company goals |
| Societal marketing concept: | A philosophy of conducting business which involves creating and marketing products that benefit individual customers as well as contribute to the good of society as a whole |
| Personal selling: | The form of promotion that determines client needs and wants and responds through planned, personalized communication that influences purchase decisions and enhances future business opportunities |
| Advertising: | Any paid form of nonpersonal presentation of ideas, goods, or services |
| Durable goods: | Tangible items that should last a long time |
| Planning: | The management function of deciding what will be done and how it will be accomplished |
| Sales promotion: | Promotional activities other than advertising, personal selling, and publicity that stimulate customer purchases |
| Customers: | The people who buy goods and services |
| Economy: | The system in which people make and spend their incomes |
| Publicity: | Any nonpersonal presentation of ideas, goods, or services that is not paid for by the company or individual that benefits from or is harmed by it |
| Pricing: | A marketing function that involves determining and adjusting prices to maximize return and meet customers’ perceptions of value |
| Feature: | A fact about or characteristic of a product |
| Goods: | Tangible objects and materials |
| Standard of living: | The general conditions in which people live; quality of life |
